The USD/JPY retreats after hitting a two-month high of 150.32, edges down over 0.45%, and trades at 149.55 at the time of writing.
USD/JPY retreats from a two-month high of 150.32, pressured by a decline in US Treasury yields. The pair faces key resistance at the 100-DMA and top of the Ichimoku Cloud around 150.84/151.50 before turning bullish. Further declines could see USD/JPY testing support at 148.84, with a potential drop to 147.35 if sellers gain momentum. Broad US Dollar weaknessand the US 10-year T-note yield drop capped the pair’s advance to challenge higher prices.
Its value is broadly determined by the performance of the Japanese economy, but more specifically by the Bank of Japan’s policy, the differential between Japanese and US bond yields, or risk sentiment among traders, among other factors. How do the decisions of the Bank of Japan impact the Japanese Yen? One of the Bank of Japan’s mandates is currency control, so its moves are key for the Yen.
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